Bank of New York Mellon Corp Decreases Stock Position in Royal Bank Of Canada $RY

Bank of New York Mellon Corp cut its stake in Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 3.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,270,046 shares of the financial services provider’s stock after selling 40,018 shares during the quarter. Bank of New York Mellon Corp’s holdings in Royal Bank Of Canada were worth $205,468,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Geneos Wealth Management Inc. lifted its stake in Royal Bank Of Canada by 13.0% in the first quarter. Geneos Wealth Management Inc. now owns 5,041 shares of the financial services provider’s stock worth $816,000 after purchasing an additional 580 shares during the last quarter. Sanctuary Advisors LLC boosted its position in shares of Royal Bank Of Canada by 7.1% during the first quarter. Sanctuary Advisors LLC now owns 14,730 shares of the financial services provider’s stock valued at $2,383,000 after buying an additional 973 shares during the period. Checchi Capital Advisers LLC grew its stake in shares of Royal Bank Of Canada by 1.4% during the first quarter. Checchi Capital Advisers LLC now owns 6,535 shares of the financial services provider’s stock valued at $1,057,000 after buying an additional 88 shares during the last quarter. Maryland State Retirement & Pension System raised its holdings in shares of Royal Bank Of Canada by 6.8% in the first quarter. Maryland State Retirement & Pension System now owns 158,391 shares of the financial services provider’s stock worth $25,610,000 after buying an additional 10,080 shares during the period. Finally, Hillsdale Investment Management Inc. raised its holdings in shares of Royal Bank Of Canada by 10.3% in the first quarter. Hillsdale Investment Management Inc. now owns 1,065,340 shares of the financial services provider’s stock worth $172,177,000 after buying an additional 99,583 shares during the period. 45.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. TD Securities restated a “buy” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Argus set a $225.00 target price on Royal Bank Of Canada in a research note on Thursday, June 11th. Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Weiss Ratings lowered shares of Royal Bank Of Canada from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Monday, June 29th. Finally, Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Ten equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $225.00.

Royal Bank Of Canada Stock Performance

Royal Bank Of Canada stock opened at $215.58 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market capitalization of $298.93 billion, a PE ratio of 19.37, a P/E/G ratio of 1.71 and a beta of 0.80. The company has a 50 day moving average price of $198.12 and a 200-day moving average price of $179.45. Royal Bank Of Canada has a fifty-two week low of $127.38 and a fifty-two week high of $218.57.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.81 by $0.03. The company had revenue of $12.84 billion for the quarter, compared to analysts’ expectations of $12.74 billion. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.Royal Bank Of Canada’s revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.12 earnings per share. As a group, equities analysts forecast that Royal Bank Of Canada will post 11.45 earnings per share for the current year.

Royal Bank Of Canada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, July 27th will be issued a $1.76 dividend. The ex-dividend date is Monday, July 27th. This represents a $7.04 annualized dividend and a dividend yield of 3.3%. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $1.64. Royal Bank Of Canada’s dividend payout ratio (DPR) is currently 44.47%.

Royal Bank Of Canada Company Profile

Royal Bank of Canada (NYSE: RY) is a diversified financial services company and one of Canada’s largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.